Phillip Hoffman Talks His Book

The Times of London has a brief story on The Fine Art Fund’s Phillip Hoffman’s interest in making a move on the declining market:

Hoffman said he expected prices for some art categories – modern and Impressionist works in particular – to fall by as much as 30% this year. “I am now regularly being approached by wealthy individuals or family estates that are looking to sell art without the publicity of going to auction,” he said. “Unfortunately, at the moment their expectations on price are way too high.”

Evidence is mounting that after years of spectacular growth, art prices are falling. The Mei Moses index, which tracks auctions, suggests prices fell by 4.5% last year, after five years of growth averaging 20% a year. Artprice.com, which also tracks auctions, said that the proportion of works worth more than €1m (£882,000) left unsold increased sharply in the second half of last year.

Hoffman said some art owners would have to accept big losses if they needed a fast sale.